The CFO of SmartCentres REIT, Peter Sweeney, is our guest in this episode. Peter previously worked with Allied Properties REIT but joined SmartCentres, which was under the name Calloway REIT at the time, for a new challenge at one of the largest retail REITS in Canada.
Peter gives an overview of SmartCentres and the many relationships his company has formed, both old and new. He shares his thoughts on how important it is to mitigate risk during bad times in real estate, which has become extremely relevant – this episode was recorded in February 2020, just before COVID-19 became a worldwide pandemic.
Topics covered include:
- An overview of SmartCentres REIT and their future.
- Recognizing your limitations and seeking partners to bridge the gap.
- The key factors in relationships that SmartCentres has formed.
- Making decisions on assets outside of SmartCentres’ core business.
- The massive growth of Walmart and recent e-commerce developments.
- SmartCentres plan to rapidly grow their residential portfolio.
- Managing initiatives and mitigating risk, along with the current debt strategy of SmartCentres.
- The current valuation of properties that were purchased many years ago.
- Changes in secured debt versus unsecured debt and how Peter uses both.
- How Peter’s background in accounting led him to real estate.
- New initiatives that are being comtemplated at SmartCentres.
- Peter’s vision for the company in the next five to ten years.
For more commercial real estate content, visit the First National Commercial Resource Centre.
More about our guest:
Peter Sweeney was appointed Chief Financial Officer November 17, 2014. Formerly, Vice President and Chief Financial Officer at Allied Properties REIT. Peter was also Chief Financial Officer and Chief Administrative Officer at DTZ Barnicke, a leading real estate brokerage and advisory firm. Prior to that, he held the position of Corporate Controller at a public real estate company and is a Pricewaterhouse alumnus.